Pea Protein Market

Pea Protein Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Pea Protein Market grew at a CAGR of 8.7% between 2017-2021 and is estimated to be US$ 354.9 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 9.8% and is expected to reach a valuation of US$ 903.9 Mn by 2032 end.

During the forecast period, the market is expected to increase due to several important factors, including the rising number of vegans, the popularity of plant-based foods and gluten-free goods, and the nutritional advantages of products made from peas. Pea protein powder is frequently utilized to improve the protein content of protein shakes, smoothies, and energy beverages. Because it is naturally vegan and hypoallergenic, it is a great fit for practically any diet. It is a fantastic source of protein and iron.

Additionally, it is thought to support heart health, weight loss, and muscle building. It has been demonstrated that the protein included in peas, namely yellow peas, is mild on the kidneys and can lower blood pressure and cholesterol.

Market Dynamic

GROWING VEGAN POPULATION AND THE POPULARITY OF PLANT-BASED PRODUCTS DRIVES THE MARKET

The market for pea proteins is predicted to increase due to consumers’ increased focus on their health and replacing traditional meat products like sausages and patties with plant-based alternatives. The market for plant-based proteins is anticipated to develop throughout the estimated period as the number of vegan and flexitarian consumers rises. Over half of all registered items come from businesses headquartered outside the United Kingdom.

The Vegan Trademark is registered in most developed nations on the planet. The top international food manufacturing companies, like Flora, Alpro, Asida Ald, LUSH Mars Costa Coffee, Nestie New Look, and Burger King, are introducing a variety of interesting food product possibilities. Pea Protein is, therefore, a highly sought-after alternative protein source.

HIGH RAW MATERIAL COST HAMPER MARKET

France’s pea production was also impacted because of the crops’ heavy damage from the rainy season during harvest. The industry is suffering from the effects of pea scarcity as the demand for peas increases gradually due to the introduction of numerous new plant-based food items in various forms.

According to estimates, the sharp rise in prices will surely result in cost-transfer to consumers. Consequently, the market’s growth ability is constrained by the fluctuating availability of raw materials and increasing costs.

INCREASING FOCUS ON INNOVATION AND DEVELOPMENT OF BETTER PEA PROTEIN EXTRACTS & PRODUCTS

Food technology businesses optimize the component at every stage of manufacturing to appeal to plant-based meat producers, from the field-grown peas to the machinery used to extract the protein. Companies are attempting to increase the number of proteins extracted from raw materials to include the most possible in their finished products because many consumers consider a product’s maximal protein content to be a crucial criterion when selecting a product. The firms are working to enhance flavor and nutritional density, two important characteristics.

Covid-19 Impact

The COVID-19 pandemic epidemic impacted the application segment of the pea protein market. The implementation of lockdowns in international markets in 2020 initially greatly impacted the sales of several big-box retailers in the food and beverage sectors. Sales declined over a brief period.

However, as the market for online food and grocery purchases grew in the middle of the 2020s, these sales swiftly rebounded. They continued to be under lockdown, which led to a stronger focus on wholesome eating. Additionally, governments worldwide worked to maintain food security in their nations and regions, which kept the food sector industries afloat.

Market Segments Covered in Report

By Type:

• Isolate
• Concentrate
• Textured

By Application:

• Meat Substitutes
• Bakery Goods
• Dietary Supplements
• Beverage
• Others

By Source:

• Yellow Spit Pea
• Chickpea
• Lentils

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why is Pea Protein Isolate estimated to account for the largest market share?

According to estimates, the Pea Protein market is dominated by the Isolate category. Due to rising knowledge of the advantages of pea protein isolates and their high protein content, these pea protein isolates have been adopted more frequently on the global market. This market’s expansion on a worldwide scale is aided by its extensive use in vegan protein powder, snack bars, and plant-based meats.

Why are Dietary Supplements expected to expand the fastest during the forecast period?

In 2021, dietary supplements dominated the market and held more than 40.2% of the total revenue share. Pea protein is added to nutritious syrups, tablets, energy powders, cereal bars, and soups because it has several health advantages, including improved bone health, muscle growth, and blood sugar control. Growing consumer interest in sports nutrition products due to increasing knowledge about bone and muscle health is anticipated to drive the segment’s expansion.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• During the forecast period, North America held the highest market share in volume and value, with 37.7%. The main factors driving the global market are the rising vegan population, the rising demand for health & wellness products, and the rising consumption of processed meat products.
• Due to the expanding demand for nutrient-fortified functional food products, the Asia Pacific region is expected to experience the greatest growth over the coming years. Growing consumer demand for allergen-friendly sports & fitness supplements and meat alternatives is also anticipated to boost market expansion.

Competition Analysis

The market is quite tightly knit. The majority of the major firms concentrate on the R&D of domestic technology to extract premium powders. Additionally, the producers will probably form alliances with e-commerce portals to guarantee a constant supply of their products. However, the significant market exposure for soy and dairy protein components is anticipated to push pea equivalent suppliers to create new marketing plans.

Some of the key developments that have taken place in the Pea Protein Market include the following:

• In December 2021, to increase their supply of food and beverage ingredients to customers in Argentina, Chile, and Uruguay, Ingredion Incorporated and Grupo arcor have decided to establish a joint venture that combines their production expertise, complementary geographic footprints, and marketing skills.
• In September 2021, a new ingredient distribution contract was inked by Batory Foods and Ingredion. The arrangement broadens Ingredion’s distribution network throughout the US’s West and Central Midwest, making it simpler for food and beverage companies to get the ingredients required to produce and market their products.

A list of some of the key suppliers present in the market are:

• Burcon Nutrascience
• Roquette Freres
• The Scoular Company
• DuPont
• Cosucra Groupe Warcoing SA
• Nutri-Pea Ltd.
• Shandong Jianyuan Group
• Sotexpro SA
• Ingredion, Inc.
• Axiom Foods, Inc.
• Fenchem Inc.
• Martin & Pleasance
• The Green Labs LLC

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.